DTB Advised the Croatian Subsidiary of M7 Real Estate on the Sale of Mani Business Center
November 2021
DTB advised the Croatian subsidiary of M7 Real Estate, which completed the sale of the Mani Business Center with 12,900 sq m multi-let office building to Raiffeisen Pension Insurance Company on behalf of M7 Central European Real Estate Fund I. M7 will continue to asset manage the property on behalf of the new owner. The sale completes the divestment of M CEREF I, a value-add fund comprising of a portfolio of 21 logistics, office, and retail assets in key Central European markets, generating total sale proceeds of EUR 182 million and an IRR of 25% significantly ahead of the Funds’…
DoorDash Announced its Acquisition of Wolt
DoorDash, Inc. (NYSE: DASH) has reached a deal to acquire Finnish food-delivery company Wolt Enterprises OY in an all-stock transaction valued at approximately EUR 7 billion.
Helsinki-based Wolt operates in over 180 cities across 23 European countries, including Serbia. It has over 45 000 merchant partners, 90 000 courier partners, and 12 million registered customers (June 2021 figures).
DoorDash, Inc. is an online food ordering and food delivery platform, based in San Francisco, United States. According to the annual report as of 31 December 2020, the platform served 450,000 merchants, 20 million…
Serbian State Aid Watchdog Issues Its First Recovery Order
November 2021
Authors: Tijana Kojovic
The first recovery order since the enactment of the Serbian State Aid Control Act was issued on 1 November 2021. It directs the Ministry of Finance to recover from the Serbian subsidiary of the Italian shoe-maker Geox a total of approximately RSD 414 million (approx. EUR 3.5 million), with default interest running from two different dates in 2016.
The proceedings were initiated on 5 August 2021, after Geox announced the closure of its manufacturing site in Serbia and commenced voluntary liquidation of the Serbian subsidiary.
The state aid concerned was…
BOYANOV & Co. advised the European Investment Bank
November 2021
BOYANOV & Co. advised the European Investment Bank on increasing the financing of OLIVA AD made available pursuant to a Luxembourg law governed finance contract executed in 2017, to EUR 37,2 million, for the purposes of adding new components to the company’s project for the construction of a new edible oil processing plant and grain silos.
BOYANOV & Co. acted as Bulgarian legal counsel for the lender on all Bulgarian law aspects of the financing, including the creation and perfection of Bulgarian law-governed security. The additional financing was successfully closed in…
Financing for the Construction of Morava Corridor
October 2021
J.P. Morgan and UK Export Finance are jointly supporting the construction of Morava Corridor motorway, by providing a €430 million guaranteed loan to the Republic of Serbia. This is one of the largest ongoing infrastructure projects in Serbia and one of the first sovereign loans granted by a commercial lender for the development of infrastructure.
The construction of Morava Corridor motorway is undertaken by US civil engineering group Bechtel and Turkey’s Enka. 112 km long, it runs east/west in the West Morava River valley, from Pojate to Preljina, connecting central Serbia and…
SEE Legal Group Advised on Nomad Foods’ Acquisition UPDATE
October 2021
Nomad Foods Limited closed on 30 September 2021 the acquisition of Fortenova Group’s Frozen Food Business for an aggregate value of approximately EUR 615 million.
Six SEE Legal member firms advised on this cross-border transaction besides Norton Rose Fulbright as the lead international counsel: Maric & Co. Law Firm (Bosnia & Herzegovina) whose team worked on the sell side, BDK Advokati (Serbia and Montenegro), Divjak Topic Bahtijarevic & Krka Law Firm (Croatia), SELIH & PARTNERJI Law Firm (Slovenia), KALO & ASSOCIATES (Kosovo) and Polenak Law Firm (North…
DTB Assisted Villa Dubrovnik in the acquisition of D-Resort Sibenik
September 2021
Dogus Croatia (Croatian subsidiary of one of the largest private-sector conglomerates in Turkey) and Martimus B.V. completed the sale of a majority stake in Villa Dubrovnik to Erste Pension Fund. Villa Dubrovnik (a company listed on Zagreb Stock Exchange) operates a five-star hotel in Dubrovnik and is the owner of another luxury hotel, namely, D-Resort Sibenik.
The transaction is perceived as one of the most notable in the tourism sector in 2021 due to the volume of the deal and the fact that Villa Dubrovnik is one of a handful of luxury hotels on the Adriatic coast with huge popularity…
NNDKP assists a syndicate of banks in connection with a new 278 million lei financing granted to Rodbun Group
August 2021
Nestor Nestor Diculescu Kingston Petersen (NNDKP) successfully assisted a syndicate of banks consisting of Banca Comerciala Romana (as mandated lead arranger, bookrunner, documentation agent, facility agent, security agent, and lender), CEC Bank (as mandated lead arranger and lender), Raiffeisen Bank (as mandated lead arranger and lender), Banca Transilvania and Banca Romaneasca (as lenders), in connection with new financing of lei 278 million (approximately EUR 56,3 million) granted to Rodbun Group, one of the leading agri-business companies in Romania.
Rodbun is a fully Romanian-owned…
NNDKP Assists in Relation to Complex Finance and Corporate Aspects
During the first part of 2021, AAylex Group, one of the leading Romanian players in the food industry, finalized the acquisition of Banvit, the local subsidiary of the Brazilian giant, BRF, through a transaction that represented a premiere on the domestic market. The project prompted yet another premiere for the Romanian business environment, with the acquisition being financed by CEC Bank and EximBank.
The success of this transaction reconfirms the business model pursued by the AAylex Group which continues its plans to consolidate and streamline its activities. To this end, the group has launched…
BOYANOV & Co. advised J.P. Morgan and Wilmington Trust on the accession of a Bulgarian subsidiary of Alvogen in two facility agreements
BOYANOV & Co. advised J.P. Morgan and Wilmington Trust in their capacity as Agent and Security Agent in relation to the accession of the Bulgarian entity Alvogen Pharma Trading Europe EOOD as additional guarantor to loan agreements of a total amount of more than EUR 2 bln. The company is part of the Alvogen group – a global privately owned pharmaceutical company focused on developing, manufacturing, and selling generic, brand, over-the-counter (OTC), and biosimilar products for patients around the world, whose CEE business was acquired in 2019 by Zentiva.
BOYANOV & Co. advised the Agent…
BOYANOV & Co. Advised J.P. Morgan on the Financing of CEZ Bulgarian Business’ Acquisition by Eurohold
BOYANOV & Co. advised J.P. Morgan AG (as Initial Mandated Lead Arranger), BNY Mellon Corporate Trustee Services Limited (as General Security Agent), and DSK Bank AD (as Bulgarian Security Agent) on EUR 360 million facilities to Eastern European Electric Company B.V. (an indirect subsidiary of Eurohold Bulgaria – a major Bulgarian listed holding company) financing the acquisition of a group of seven targets in Bulgaria, among which the electricity distribution utility companies in North-West Bulgaria from CEZ a.s. (the Czech Republic). The acquisition is the biggest transaction in the Bulgarian…
Are your Third-Party Arrangements Compliant with EBA Outsourcing Guidelines already?
Authors: Svetlina Kortenska and Atanas Grigorov
Are you a compliance professional at a credit institution, a payment institution and electronic money (e-money) institution, or a third-party provider to such institution?
If so, have a quick look at this compliance reminder with a view of the forthcoming deadline on 31 December 2021.
On 30 September 2019, the European Banking Authority’s (“the EBA”) revised guidelines[1] regarding outsourcing arrangements (“the Outsourcing guidelines” or “the Guidelines”) entered into force. Pursuant to the Guidelines, regulated institutions will…
